Finance Bill 2017: Amendments to Trusts, Postal Rates, Electoral Bonds, Oil Funds, SEBI, Payment Systems, and Capital Gains.
The Finance Bill, 2017 proposes amendments to several statutory provisions. It seeks to amend the Indian Trusts Act, 1882, allowing trustees to invest trust money in securities specified by the Central Government. The Indian Post Office Act, 1898, will be amended to maintain existing postal rates until new notifications. The Reserve Bank of India Act, 1934, will permit scheduled banks to issue electoral bonds. The Representation of the People Act, 1951, will exclude electoral bonds from donation declarations. Amendments to the Oil Industry (Development) Act, 1974, expand fund usage for public sector undertakings in oil and gas. The Research and Development Cess Act, 1986, will be repealed. Changes to the Securities and Exchange Board of India Act, 1992, involve tribunal composition and member appointments. The Payment and Settlement Systems Act, 2007, will establish a Payments Regulatory Board. Amendments to the Finance Act, 2016, adjust capital gains tax provisions retroactively.
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